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QUESTION
2008 Nominal GDP $10,000 Real GDP 10,000 2009 $15,000 14,000 8) Refer to Table 2. Given the information above, calculate the GDP deflator for both...
2008Nominal GDP $10,000 Real GDP 10,0002009$15,000 14,0008) Refer to Table 2. Given the information above, calculate the GDP deflator for both 2008 and 2009. What does the value of the deflator in the year 2008 tell you about that year with respect to the base year? What happened to prices in 2009 as compared to 2008?
